Americold Realty Trust, one of the world’s largest companies focused on temperature-controlled warehouses, on May 7 reported revenue rose in the first quarter ending March 31.

Americold Logistics has agreed to buy Cloverleaf Cold Storage for $1.24 billion, a move that ramps up a trend toward consolidation in the refrigerated warehousing sector.

Warehouse operator Americold completed its first year as a public company by reporting solid gains in revenue and higher operating profits in the fourth quarter of 2018.

Cold storage warehouse operator Americold acquired PortFresh Holdings in Savannah, Ga., and said it will build a 15 million-square-foot cold storage facility on an adjacent site as part of a move to increase the firm’s share of the market for food imports and exports at the Port of Savannah.

Global warehouse operator Americold reported net income of $24.5 million, or 17 cents a share, in the third quarter, compared with a net loss of $11.9 million, or 17 cents a share, in the same period a year ago. Revenue increased 3.2% to $402 million in 2018 from $389.5 million in 2017.

Americold Logistics reported improved financial results for the second quarter with revenue from its temperature-controlled warehousing operations growing 2.8% and profit margins expanding by 150 basis points, or 1.5%, compared with the same period a year ago.

Americold, a global operator of temperature-controlled warehouses, issued its first quarterly earnings report since becoming a publicly owned company in January and it wasn’t pretty, at least on the surface.

While proceeds from Americold Logistics’ recent initial public offering are going mostly to pay off debt, executives say the move also will help kickstart growth for the Altanta-based warehouse operator by boosting its ability to pursue acquisitions and fund new e-commerce distribution, transportation and logistics services.